Ethereum increasingly evolved into institution-driven infrastructure as retail conviction weakened.
For a long time, accumulating ether was enough to drive up crypto companies' valuations. However, this model now shows its limits.
Did Bitmine's Russell 3000 ambitions inspire Sharplink to enter the race?
Bitmine has made its largest Ethereum (ETH) buy of the year during the recent market dip, reaffirming the firm's bullish outlook on the leading altcoin and continued accumulation strategy. Related Reading: Bitcoin At A Crossroads: Two Key Levels Will Define BTC's Next Major Move, Analyst Says Bitmine Ramps Up Ethereum Purchases On Tuesday, Bitmine Immersion Technologies, the world's largest Ethereum treasury, announced its largest purchase since December 2025, having acquired roughly $238 million in ETH over the past week.
David Hoffman, an Ethereum commentator and co-founder of Bankless, has explained why he sold his ETH holdings, claiming that the long-running 'ETH is Money' thesis has essentially come to an end rather than completely failed.
The crypto market is closely watching Bitmine's new massive purchase. The publicly traded company added nearly $237 million in Ether to its balance sheet as the price of Ethereum remains under pressure.
Bitmine Immersion Technologies executed its most significant Ethereum acquisition of 2026 during the previous week, securing 111,942 ETH as prices descended beneath the $2,200 threshold. Chairman Tom Lee characterized this market downturn as a “compelling entry point.
“Ethereum got the ETH price it deserves, and I don't see ETH being rerated as an asset, higher or lower,” says David Hoffman.
On-chain data shows an ancient Ethereum wallet containing 2,000 ETH that had been inactive for nearly 11 years has suddenly come back to life. Ethereum OG Wallet Has Turned $620 Into $4.2 Million According to data from cryptocurrency transaction tracker service Whale Alert, an old Ethereum wallet has just broken a 10.8-year phase of dormancy.
Las Vegas-headquartered Ethereum treasury company BitMine Immersion executed a purchase of 111,942 ETH over the previous seven days. This acquisition elevated the firm's aggregate Ethereum position to 5.39 million ETH.
Bitmine Immersion Technologies expanded its Ethereum holdings after purchasing 111,942 ETH during a recent market dip that pushed the asset below $2,200.
David Hoffman says he sold ETH as the "ETH is money" thesis has played out, while staying bullish on Ethereum apps, L2s and stablecoin use.